Bain Said to Work With JPMorgan, UBS on $1.6 Billion Ibstock IPO

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U.S. private-equity firm Bain Capital is working with JPMorgan Chase & Co. and UBS Group AG on the potential initial public offering of U.K. brick maker Ibstock, according to people with knowledge of the matter.

Ibstock, which Bain agreed to acquire from Irish construction group CRH Plc in December, may seek a valuation of more than 1 billion pounds ($1.6 billion) in an IPO, said the people, asking not to be identified as the matter is private. Rothschild is also working on the potential share sale, which may take place later this year in London, they said.

Representatives for Bain Capital, JPMorgan and UBS declined to comment. A spokesman for Rothschild couldn’t immediately be reached outside regular business hours.

Building services have seen a post-election bounce in the U.K., with a measure of confidence in the construction industry rising to the highest in almost a decade in May, according to Markit Economics. Its index of building activity rose to 55.9 from 54.2 and job creation accelerated.

Ibstock is the U.K.’s biggest brick maker with 20 factories across the country, according to its website. It takes its name after the Leicestershire, U.K. town in which it is based.